Controversial overseas investments with a low yield and a lack of clear objectives are said to be deterring potential candidates from heading China’s sovereign wealth fund, Xinhua reported.
The top post at China Investment Corporation has been left vacant since March when former head Lou Jiwei became finance minister. Candidates rumored to succeed Lou include Chongqing mayor Huang Qifan and Shanghai deputy mayor Tu Guangshao among others. But several reportedly have refused to take up the post………………………………………..Full Article: Source

The investment industry is keenly watching for signs of white smoke rising above the building in downtown Beijing that houses China’s $500bn sovereign wealth fund. But its members may have to contain their curiosity a little longer as the country’s leaders scramble to fill the top job of chairman at the China Investment Corporation.
The role comes under intense political scrutiny and has been vacant since March, when chairman Lou Jiwei left to become finance minister in the new government under Xi Jinping………………………………………..Full Article: Source

DBS Group Holdings Ltd. (DBS), Southeast Asia’s biggest bank, agreed to extend a deadline for buying a controlling stake in PT Bank Danamon Indonesia from Temasek Holdings Pte amid regulatory wrangling.
The agreement with Temasek’s Fullerton Financial Holdings Pte, which expired, will be prolonged to Aug. 1, Singapore-based DBS said in a statement today. The deal will lapse unless both parties agree to a further extension, it said………………………………………..Full Article: Source

Norway’s central bank will sell 200 million crowns ($34.32 million) a day in June to buy foreign currency for the country’s sovereign wealth fund, the bank said on Friday on its page.
Last month the central bank said it would buy foreign exchange equivalent to 300 million crowns a day so the fund could invest money in foreign stocks and bonds. The fund invests Norway’s revenues from oil and gas production for future generations. It is the world’s largest sovereign wealth fund………………………………………..Full Article: Source

In a country where oil wealth has typically been controlled up by oil companies, the concept of the U.S. harnessing its energy boom to shore up its frayed public finances may be hard to conceive.
“Historically…the states have taxed oil revenue and funded money into permanent funds, like Alaska’s Permanent Fund or the North Dakota Legacy Fund,” said Michael Maduell, president of the Sovereign Wealth Fund Institute. Creating a Norwegian-like wealth fund would trigger “a heated debate between the federal government vs. state governments over resources,” Maduell added. “The politics would be paralyzing, which is why it hasn’t been done yet.”……………………………………….Full Article: Source